Personal Tax Return ideas and Hints

Paying your personal tax return to HMRC is an obligation. Failure to pay taxes can result in harsh financial penalties. This is exactly why it is advisable to hire a professional accountant for your Company tax return: to benefit from correct calculations, to respect tax return deadlines and deduct costs within legal limits. When you file your tax returns, you simply acknowledge the source and amount of income earned in UK and, based on it, the amount of tax you have to pay. An accountant’s services are more reliable than your own and are more credible to anyone verifying your records.

 

If you hire a personal accountant to assist you with your personal tax return, he will set up an account with HMRC on your behalf. He will need your personal details and your National Insurance Number. These details can be considered as sensitive information, unique to each user, but you will be safe in the hands of a chartered accountant — there is nothing to worry about as he will act in your best interests. The log in details should be known to you as well so that you can check his work and your status at all times.

 

If you have set up your account on your own and want to submit your personal calculations, this is possible as well. It is called a Self Assessment. In case you need to confirm if your account is working, you can log in on the GOV.UK website. If you file a Self Assessment tax return, it will be easy to recover your lost login details. If you are self employed, doing your own tax calculations is not unusual, but for a Company tax return, it is advisable to use the help of an accountant. With companies, there is always a higher volume of work done and more complicated calculations to perform. Furthermore, when running your own company, it is time consuming to do your own accounting. Save yourself the effort and time by hiring a professional. You can always check his work yourself and log in on the website of the government to see your situation.

 

If you do not know why you need to use your personal tax account, you can have a browse through to see your options...It is mainly to check your income tax estimations and tax code. As well, you obviously want to file your personal tax return, claim a tax refund and manage your tax credits. Additionally, you can login in to your account to find out how your pension is doing, to track your tax forms, to update your marriage allowance, update a change of address or scout for updates from HMRC.

 

If you have no time to do all these tasks, then delegate an accountant to do it for you. If you have overpaid in the past, the accountant could assist you claim a refund as well. This is if you got a P800 asking you to seek a refund. In most cases, those who receive a refund or rebate are those who have stopped their work. This may also happen if you paid excess tax on your pension payment or purchased a life annuity. In case you are employed and excessive tax was taken from your salary, you can claim your refund online.

 

We believe using the services of a professional accountant are priceless. You will probably reach the same conclusion as we have once you realise the benefits of having someone experienced process your information at your convenience. Only a knowledgeable and experienced accountant will understand the system well enough so that you are sure your company tax return is correct you are not over or under paying taxes.

 

If you need valuable help with your personal tax return, just get in touch with us today. We are available to individuals or companies in Essex and around. If you want your company tax return done accurately, contact us for assistance.